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Amendment of Act of 2015 - new section 77A relating to intra-group transactions
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52. The Act of 2015 is amended by the insertion of the following section after section 77:
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“Intra-group transactions
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77A. (1) Section 77 does not prohibit an ICAV from—
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(a) making a loan or quasi-loan to any body corporate which is its holding company, subsidiary or a subsidiary of its holding company, or
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(b) entering into a guarantee or providing any security in connection with a loan or quasi-loan made by any person to any body corporate which is its holding company, subsidiary or a subsidiary of its holding company.
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(2) Section 77 does not prohibit an ICAV from—
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(a) entering into a credit transaction as creditor for any body corporate which is its holding company, subsidiary or a subsidiary of its holding company, or
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(b) entering into a guarantee or providing any security in connection with any credit transaction made by any other person for any body corporate which is its holding company, subsidiary or a subsidiary of its holding company.”.
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